The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Mirror.co.ukWhat it's REALLY like to work for Ryanair: Staff threatened with punishments if they miss sales targets, work for ...Mirror.co.ukEach passenger is charged on average £12 extra for excess luggage, payment with credit cards, travel insurance and in-flight food and drink, according to a study by travel consultancy Ideaworks. “Fly To Win”, Ryanair's scratch card game charges players ...and more »
iNewsI'm 25 and a graduate, but don't think I'll ever get to buy a houseiNewsResearch by the Young Women's Trust found many young people are having to borrow on credit cards, from their overdraft, pay day lenders or their family to make it to payday each month. The charity spoke to 4,000 18- to 30-year-olds. A quarter of women ...
The IndependentTradorax: Binary trading website ceases operations after encouraging people to 'fraudulently' bet on marketsThe IndependentEarlier this year lawyers and savers alleged to The Independent that dozens of people's accounts were being frozen and hundreds of mainly pensioners were being refused payouts after investing on websites, including Tradorax. Many such platforms ...
This is MoneyFund firms will be forced to reveal hidden fees to pension savers from January, City watchdogs confirmThis is MoneyBy Tanya Jefferies for Thisismoney.co.uk. Published: 12:36 ... The move will force them to reveal transaction costs and administration charges in a standardised format - details that pension savers and personal investors have lacked until now despite ...Tony Byrne: FCA needs to lift DB transfer suspensionsMoney Marketingall 14 news articles »
The IndependentLendable: the next generation lending platform that can give borrowers a small loan within two hoursThe IndependentThe first way he achieved this was through more effective use of the personal financial data that banks and other financial institutions started collecting from UK consumers in the 1980s. He notes that this would have been impossible in ... The second ...
Have you met...
Latest Members:


John Morteen


cheaplingerie


femto


hoowei


hejian


Jensen Breck


Xuwanghuan

 

General News

Email this story to a friend:

LANDLORDS URGED TO PROTECT THEMSELVES AS UNEMPLOYMENT HITS TENANTS

Unemployment among new tenants in the private rented sector has risen to 7.8%, up from just 3.1% twelve months ago, according to Smartlandlord.co.uk, the property services website for landlords.21-04-2009

Over 40% of the UK’s 2 million unemployed are aged under 25 – and in that age group people usually rent so the private rented sector has been hit hard by the current economic downturn.  By far the worst hit area is Northern Ireland, where unemployment among new private rented tenants is now nearly 17%.

Keshav Thukaram, managing director of Smartlandlord.co.uk, commented: ‘With the social housing sector ill equipped to cope with extra demand, private landlords are increasingly being called upon to take in unemployed people on benefit.  With oversupply in the rented sector due to reluctant landlords, taking in DSS tenants can be a good way to secure a regular income in the current environment.  But there is evidence that some landlords are suffering because benefits aren’t being paid on time, so landlords taking this route must ensure they know their rights, and apply to have the rent paid directly by the council if they experience problems.’

With the regular employment market in turmoil, there has also been a rise in the number of self-employed tenants, up from 7.8% to 8.4% annually; and a slow but sustained growth in the number of retirees, from 7.8% to 8.1%.

 The proportion of new tenants which are students is very seasonal, and usually peaks in July and August as landlords reference tenants before the start of the new university year.  But with many of those who have lost their jobs going back into education, the proportion of new tenants which are students has risen from 0.2% last April, to 4.1% now. 

Keshav Thukaram warned: ‘With the occupation of tenants diversifying from traditional employment, landlords need to make sure they reference tenants to ascertain they can afford the property, and ask for guarantors where necessary. 

 But tenant referencing is an indication of a tenant’s past and current situation – it is no guarantee of the future.  In the current economic environment, any tenant, whatever their employment may find themselves in financial difficulty due to some unexpected loss of income.  This means landlords need to look at new ways to protect themselves, such as rent guarantee insurance and rent on time’

 

 

 

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks